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India’s JSW Planning $4.8 Billion EV, Battery Projects in Odisha

JSW, which has set up a joint venture with MG Motor India (owned by China’s SAIC), said it has signed an MoU on setting up an electric vehicle and EV battery manufacturing plants in two cities

The logo of JSW is seen on the group's headquarters in Mumbai, India, in this file Reuters photo from 2016. The group, whose businesses range from power to steel and cement, is looking to get into the EV sector, which is expected to boom this decade.


JSW – one of India’s largest business groups – is planning to set up electric vehicle and battery manufacturing projects in the eastern state of Odisha.

JSW Group is a $23-billion cement-to-energy conglomerate that employs nearly 40,000 people. It said on Saturday that the projects would cost about 400 billion rupees ($4.82 billion).

The company and the Odisha state government have signed a memorandum of understanding “for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project” in two cities, they said in a joint statement.


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Last November, JSW formed a joint venture with MG Motor India, which is owned by China’s SAIC, with a focus on green mobility and developing the electric vehicle ecosystem.

Through its phased projects in Odisha, JSW Group will take on both domestic and international players in India’s EV market.

Electric models made up around 2% of India’s car sales last year, with Tata Motors dominating the market, but the government is targeting a 30% share by 2030.

The government said last July it expects India’s EV market to grow at a compound annual growth rate (CAGR) of 49% in the years up to 2030.


  • Reuters with additional input and editing by Jim Pollard




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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